All small businesses need to constantly be on the lookout for ways to save money. Here are five small business hacks that can help your business today:
1. Hire a Freelancer
Employees are expensive. Not only do you have salaries to pay, which are usually fixed costs regardless of actual productivity, but you also have a lot of other associated costs. Desk space, health insurance, retirement savings, and coffee. And those are just the basics! Some workplaces provide gym memberships, free meals, and all sorts of other benefits.
Some think that hiring freelancers is somehow unethical because you are bringing “less secure” jobs into the marketplace. However, for lots of people, being a successful freelancer is a dream come true! You can help be part of their dream, while also saving your business tons of money.
2. Go Remote
Office space is expensive. And you cannot just rent the space. You need to provide computers, printers, printer paper, ink, coffee, water, bathrooms, and security. Then you may need to provide telephones, xerox machines, and IT support. Don’t forget that a janitorial service will be needed to keep the whole place clean.
With the pandemic, remote workplaces have been dramatically normalized. Take advantage of these small business hacks and save piles of cash. If you already run a small business out of your home, look into whether a home business office deduction can help you save big on taxes.
3. Negotiate Recurring Bills
Any bill that you are receiving on an ongoing basis can be negotiated. Try calling or emailing the vendor and simply asking for a discount. Ask and ye shall receive! Some of the bills you can try this with include: telephone, internet, software subscriptions, vendor supplies, etc. You can even renegotiate rent!
If you do not get a discount, there’s no need to stop there. Check out a couple of competitors and consider making the switch. Your bank account will thank you.
4. Track Your Expenses
What is measured, is accomplished. If you want to save money, you need to know how much you are spending! This can be complicated, with multiple business accounts, credit cards, loans, and numerous business apps. No one has time to make a report every day to summarize everything and discover areas for improvement.
Check out the new must-have solution for this problem created with small businesses in mind – CreditPush. One of its most popular features is the ability to exercise greater control over business income and expenses. It brings together accounting app and banking transaction data all in one place, alongside invoices and bills. It automatically pulls together relevant and actionable insights to help you improve your business and save money.
5. Improve Your Business Credit Score
Improving your business scores has many benefits. Some of these small business hacks include the ability to negotiate better terms with suppliers. The most popular benefit is definitely the ability to get lower interest rates from banks. The higher your credit score is, the more interest savings potential your business has.
You don’t have to be a credit genius to boost your business credit score – just check out CreditPush again. You will have the opportunity to access personal and business credit scores from one credit bureau for free! Don’t worry – Accessing credit scores will not hurt your scores (soft pulls only). You will get continuous real-time credit alerts and insights to help you boost your score.